Jinwu Financial News | According to Minsheng Securities Research Report, GCL Technology (03800) achieved revenue of 33.7 billion yuan for the full year of 2023, -8.3% year-on-year, and achieved net profit of 2,510 billion yuan, or -84.34% year-on-year. Overall, the company's revenue declined to a certain extent compared to 2022, mainly due to the decline in polysilicon and silicon wafer prices during the reporting period, and the industry as a whole faced downward pressure.
In terms of quality, the company maintains an industry-leading position in controlling metal impurity levels. In terms of production capacity, the company's granular silicon production capacity will reach 420,000 tons per year in 2023, and will increase to 500,000 tons in 2024. In terms of cost, the company's average manufacturing cost in 2023 decreased by 27% compared to 2022. As granular silicon production capacity climbs and process optimization progresses simultaneously, there is still room for cost reduction. In addition, the company has signed a long order contract with Longji, and the granular silicon penetration rate is expected to further increase. In terms of perovskite, the company's subsidiary GCL Optoelectronics has been working in the field of perovskite for many years. Since 2023, it has broken the conversion efficiency records for single-junction and laminated perovskite components several times, and industrialization progress has accelerated.
The bank expects the company to achieve revenue of 238/329.38.6 billion yuan in 24-26, net profit of 26.25/34.16/4.039 billion yuan, and the corresponding PE is 12x/9x/8x. Considering that the company's granular silicon costs continue to decline, the market share is expected to increase. After the industrialization of perovskite, it is expected to provide additional volume, cover for the first time, and give it a “recommended” rating.